Foreclosure in Westchester>Question Details

majajing, Home Buyer in Playa Vista, CA

I'm interested in a recente condo foreclosure in Playa Vista "Notice of Default". How long before I can take a look at the place?

Asked by majajing, Playa Vista, CA Sun Sep 29, 2013

Do you know how much the HOA in the Playa Vista area is?

Help the community by answering this question:

Answers

9
Majajing,

Each unit in Playa Vista has two HOA fees. One goes to Playa Vista Parks and Landscape and is always $230. The other is unique to the complex. Both could be anywhere from about $500 to $950.

My fellow agents answered the notice of default questions below.

I have lived in Playa Vista since the first day. Please contact me so I can assist you in finding a wonderful home.

Diane Broda - BRE #01719491
Keller Williams - Marina del Rey/LA
Preferred Playa Vista Agent - Top Producer
310 745-4477 - direct
213 713-2929 - cell
dianebroda@ca.rr.com
1 vote Thank Flag Link Mon Sep 30, 2013
It could take 6 months to a year or longer to be able to look at a condo or any property that has a Notice of Default recorded on it.

From the time that a Notice of Default is recorded, the banks under the Obama Home Affordability Plan, must make any and all attempts with the homeowner to remedy the deficit. This could be done in several ways:

1. A loan modification whereas the bank restructures the mortgage and the homeowner gets a new loan, bring the loan out of a default status. In this case, the property will not be foreclosed upon and the property owner will retain the property. Basically, they work everything out.

2. The property owner decides to sell the property is a Short Sale or depending upon how much equity is in the property, a regular sale. At this time, the property will be listed and showings will occur.

3. The property owner does a died in lieu of foreclosure and deeds the property back to the bank. Once this occurs, the bank will assign the property to an agent to list and sell.

4. The property owner decides to let the property go to foreclosure. This could take 6 months or greater depending on what occurs and how long the bank takes to foreclose. The property owner may also file bankruptcy which would postpone the foreclosure sale up to 6 months, sometimes more. If a loan modification was applied for, this would also delay the foreclosure.

5. The property owner brings the current mortgage current and then there is no sale.

I have worked with property owners who have not paid their mortgage for over 3 years and then the property was sold in a Short Sale. Every situation is different depending upon the circumstances of the home owner and the bank. Some banks are more aggressive in foreclosing. Some have too many files they are working on and the process takes more time.

So you can see, Majajing, that we really do not have a realistic time frame for this property to be viewed. All you can do is keep checking on the property.

If you send me the address, I can find out the approximate amount of the HOA dues.

Feel free to contact me if you have any questions.

All the best,

Kat Becker, Realtor
Berkshire Hathaway HomeServices
California Properties
(323) 819-4760
katbecker@hotmail.com
1 vote Thank Flag Link Sun Sep 29, 2013
Majajing,

Playa Vista has an HOA and a Mello Roos tax (also charged monthly). The HOA dues will depend on which assossiation the property is in,

Call me and I can tell you the exact amount of the HOA and Mello Roos tax..

I work in the area, and will also have an Open House nearby, between 2-5PM today.

Douglas Lagos
Tel. (310) 463-8088
Email: douglas@douglaslagos.com
Coldwell Banker Residential
CA BRE# 01921046
Web Reference: http://Douglaslagos.com
1 vote Thank Flag Link Sun Sep 29, 2013
Yes I do.
It depends upon which part of the development you buy in. Some have more "amenities" then others and have higher HOA fees. In addition to the HOA Playa Vista also has a Mello Roos cost for each homeowner..
A notice of default does not necessarily mean a foreclosure. The owner has time to correct the default and most owners do.
If you are interested in Playa Vista property the best action would be to contact an excellent Buyer Agent to help you.
0 votes Thank Flag Link Fri Oct 11, 2013
It may never come up for sale.
You cannot preview the inside of a foreclosure before purchase.
0 votes Thank Flag Link Mon Sep 30, 2013
The Notice of Default does not guarantee that the condo will become a foreclosure. The owners still have the opportunity to rectify the situation.
0 votes Thank Flag Link Sun Sep 29, 2013
Hi Majajing,
I live in Playa Vista - have been a homeowner since Playa Vista "opened" - and am familiar with this property and every property here. I would be happy to speak to you about finding the right property for you!!
Please contact me at your convenience.
Thank you for reaching out.

Diane Broda - BRE #01719491
Keller Williams - Marina del Rey/LA
Preferred Playa Vista Agent - Top Producer
310 745-4477 - direct
213 713-2929 - cell
dianebroda@ca.rr.com
0 votes Thank Flag Link Sun Sep 29, 2013
Good morning!
There are several condos in Playa Vista that have received notices of default.
Please email me which one you're interested in, and I'll be happy to research it.
I live in the Marina and know this area well.
Susan@SusanBour.com
0 votes Thank Flag Link Sun Sep 29, 2013
Notice of default is not the same as a foreclosure. The notice of default is a legal document filed with the court to put the owner and the public on notice that the mortgage payments are not being made, the loan is in default, and if the situation is not remedied the bank intends to foreclose. After that, the time frame depends on two things, whether or not the owner brings the mortgage back into good standing some how, perhaps by paying the late payments or by obtaining a mortgage modification from his bank; and, if they do not, how long it takes the bank to actually foreclose. In New Jersey, where i live, if the owner does nothing, it could still take 1 to two years for the actual foreclosure to occur.

It is also possible the owners will offer the home for sale as a short sale. In that case you would need a good real estate agent to work with because the bank will have to approve the short sale and they will most likely insist the home be listed through a real estate professional in order to get the highest price possible.
0 votes Thank Flag Link Sun Sep 29, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer